South Africa Inflation October 2017

South Africa

South Africa: Inflation moderates in October

November 22, 2017

In October, consumer prices increased 0.3% month-on-month, coming in below the 0.5% rise observed in September. October’s print reflects an increase in almost all components of the index, including transport, communication, and food and non-alcoholic beverages.

Inflation declined from 5.1% in September to 4.8% in October, remaining within the Central Bank’s target range of 3.0%–6.0%, where it has been since April 2017. Annual average inflation edged down from 5.7% in September to 5.6% in October.

Core consumer prices—which exclude food, non-alcoholic beverages, energy and gasoline—rose 0.1% in October, coming in below from the 0.4% increase observed in September. Lastly, core inflation in October inched down from 4.6% in September to 4.5% in October.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.1% in 2018, which is unchanged from last month’s forecast. In 2019, the panel sees average inflation edging up to 5.3%.


Author: Jean-Philippe Pourcelot, Economist

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South Africa Inflation Chart


South Africa Inflation October 2017

Note: Annual and monthly variation of consumer prices index in %.
Source: Statistics South Africa and FocusEconomics calculations.


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